S.Korea's POSCO Specialty Steel postpones IPO, scraps retail subscription-report

SEOUL Thu Nov 29, 2012 9:53pm EST

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SEOUL Nov 30 (Reuters) - South Korea's POSCO Specialty Steel, owned by steelmaker POSCO, has postponed its initial public offering (IPO) set for December after scrapping a plan for retail subscriptions, the Chosun Ilbo newspaper reported Friday.

The company announced earlier this month it would offer 14 million shares in a price range of 28,000-33,000 won, expected to raise between 392-462 billion won ($359 million-$424 million).

Officials at POSCO Specialty Steel could not be reached immediately for comment.

Institutional investors that participated in the bookbuilding process for the IPO on Wednesday and Thursday priced the offering at around 20,000 won per share, far below the company's price range, reported the Chosun Ilbo. (Reporting by Joyce Lee; Editing by Paul Tait)

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